Verizon Wireless Acquires Spectrum, Network Assets From Devon Mobile Communications LLC

[Codepyro]

Monday September 8, 11:14 am ET
Transactions Provide Capacity to Meet Future Demand in Pittsburgh, Expand Into New Service Areas in New Hampshire and Vermont


BEDMINSTER, N.J., Sept. 8 /PRNewswire/ -- Verizon Wireless, the nation's largest wireless service provider, today announced it has completed the acquisition of a PCS license serving the Pittsburgh PA BTA [Basic Trading Area] from Devon Mobile Communications LLC, for $10.5 million in cash.
In a separate transaction, the company also acquired a PCS license and certain network assets serving the Lebanon, NH BTA from Devon Mobile. The purchase price of the Lebanon transaction is $635,000 in cash, of which $437,000 was for the PCS license.

The radio spectrum overlaps or lies adjacent to current Verizon Wireless operations. It will increase the company's capacity to meet the strong demand from its nearly 35 million customers, and expand its service footprint into new markets.

The Lebanon, NH BTA license serves markets with a total population [POPS] of 181,600 and will expand the company's wireless network in Grafton and Sullivan counties in New Hampshire and the southern portion of Windsor County in Vermont. The company said it expects to begin offering service to those communities in 2004.

In the Pittsburgh, PA BTA, the license overlaps Verizon Wireless operations in the city of Pittsburgh, plus Allegheny, Armstrong, Beaver, Butler, Fayette, Greene, Washington and Westmoreland counties, which have a total estimated population of 2.5 million.

About Verizon Wireless

Verizon Wireless is the nation's leading provider of wireless communications. The company has the largest nationwide wireless voice and data network and 34.6 million customers. Headquartered in Bedminster, NJ, Verizon Wireless is a joint venture of Verizon Communications (NYSE: VZ - News) and Vodafone (NYSE: VOD - News; LSE: VOD - News). Find more information on the Web at www.verizonwireless.com .